I installed a tankless natural gas water heater, and according to energystar.gov (https://www.energystar.gov/about/federal_tax_credits/tax_credits_homeowners/water_heaters_natural_ga...)
I am allowed to claim 30% of the project cost, up to $600 for the purchase and installation of this specific energy star certified appliance. As I clicked through TurboTax's suggestion for deduction & credits for energy saving improvements, the maximum deduction I get is only $150, even though my total project cost should allow me to claim $600. How can I enter this in Turbotax?
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Form 5695, Residential Energy Credits, the form on which such costs would be claimed for tax year 2023, hasn't yet been finalized in TurboTax. Once this is done, you’ll be able to complete the form using the updated computations.
You can check for any updates in TurboTax's Tax form availability app.
See the Instructions for Form 5695 and the TurboTax Help article Can I claim energy-efficient appliances or energy-saving home improvements? for credit information.
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